Topic: [2018-01-04] African Central Bank Urged to Buy Bitcoin and Ditch Dollar (Read 118 times)

Bitcoin is too volatile to be used as a reserve currency by the african central banks.They have to stick to something with stable value,like monetary gold.Anyway,it`s good that bankers and business owners from
Africa are more open minded and continue to talk about further bitcoin adoption in the continent. 
It would be great,if more bitcoin miners move from China and establish their business in some African countries ,that are secure enough for such business.

Concerned about the US dollar’s predicted drop in value, and many African countries relying on USD cash reserves, vice president of Groupe Nduom, a leading financial holding company, Papa-Wassa Chiefy Nduom, has taken to Linkedin and Twitter to make the case for less reliance on greenbacks and more investment in bitcoin.   

“What if this continent could finally build consensus around a new digital reserve asset – and figure out ways to fund infrastructure development by leveraging it,” Mr. Nduom asks via his Linkedin account. He’s “concerned about the US Dollar. The experts say it’s going down” this year especially, he fears. It’s of particular worry for Africa due to the reliance many nations have on US currency, and a crash of the predicted double-digit magnitude could lead to “unnecessarily prolonging gut-wrenching human suffering on the African Continent” if action isn’t taken, and soon.

The alternative Mr. Nduom advocates is for more investment in bitcoin. Placing himself in context, he notes “I am a lawyer / member of a family business group / small time investor. My only interest in this particular bombastic argument is a kind of black globalist fomo (fear of missing out),” he writes. Referring to a map (see inset) “Bitcoin nodes are all over the world but Africa is a very conspicuous dark spot. Africa keeps getting left behind,” he urges. 

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I can sense that next to Asia, the next growth area for Bitcoin is the whole African continent. With many areas under conflict and have become battlegrounds and with their economies in chaotic situation, many can find some help and solution in the use of Bitcoin as the currency of choice replacing or side-by-side the national currencies. Once we can see some central banks agreeing to buy Bitcoin in place of other foreign exchange then it can open the Pandora's box we have been waiting for. At any rate, there is a growing adoption in many African countries and some areas are even selling and buying Bitcoin way beyond the published online rates. The question is: Will Bitcoin adoption in the African continent be a boon or bane for its economic development?